The potential of smart roads is enormous. These roads are designed not only to keep us safe by identifying the route of the vehicle along with the road condition to regulate the speed of the vehicles. These roads implement warning systems and also transmit real-time data to share information across the wireless network, making it simpler and quicker to get around, to find parking, to commute effectively with other vehicles. The market is segmented into technology, sensors, deployment, and region.
Smart roads include deployment of various sensors for the safety, security, and communication purposes. These technologies are designed to help the drivers and riders with safe journey until their destination arrived. Growing urbanization and need for safe roads are some of the major driving factors behind the growth of the smart road system Market. Among regions, North America is expected to lead the smart roads market during the forecast period.
The market is divided into technology, services, deployments, displays, and geographies in the smart highway report. Intelligent traffic management systems, intelligent transportation management systems, communication systems, and monitoring systems are the different types of technology. An automatic number plate recognition system (ANPR), a technology lane departure warning system (LDW), an incident detection system, as well as a radio frequency identification system, make up the intelligent traffic management system (RFID). Maintenance, consultancy, and operation services, as well as managed services, are all available. Digital signage, variable message signs, and other displays are among the options. On-premise and on-cloud deployments are separated further.
The smart roads technology market is portioned into North America, Asia Pacific, Europe, and the remainder of the world, according to the examination. North America has ascended to the highest point of the overall smart parkway market rankings in view of innovative upgrades in the smart street business. A significant number of undertakings occupied with the improvement of astute street hardware could be found in the United States in addition to Canada, two mechanically progressed countries. Therefore, these countries put a high accentuation on street security, making a few possibilities for undertakings associated with the smart street industry. The Asia Pacific region has arisen as the quickest developing smart street market share, with nations like China and Japan widely occupied with different endeavors for the shrewd transportation framework, as they become progressively stressed over street wellbeing (ITS).
Smart Roads Market – Competitive Analysis
Highly competitive, the smart roads market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.
Players leading the global smart roads market include Kapsch AG (Austria), Alcatel Lucent (France), Indra Sistemas, SA (Madrid), Siemens AG (Germany), LG CNS (South Korea), Cisco (US), Xerox Corporation (US), Kapsch TrafficCom (Austria), and Huawei (China), among others.
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